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Petros Pharmaceuticals Inc. (PTPI-3.33%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's decision to discontinue sales of Stendra® to wholesalers, following a termination agreement with Vivus. As a result, Petros is no longer involved in the commercialization or development of Stendra®.
Petros is transitioning its focus towards becoming a leader in the self-care market, aiming to develop and market nonprescription pharmaceuticals as over-the-counter (OTC) and nonprescription drug products with additional conditions for nonprescription use.
The company is developing a proprietary integrated technology solutions platform, which includes a Software as a Service (SaaS) component to aid pharmaceutical companies in operationalizing and commercializing an Rx-to-OTC switch.
Petros reported a net loss of $14.3 million for the year ended December 31, 2024, compared to a net loss of $8.2 million in the previous year. The increase in net loss is attributed to impairments of intangible assets and API assets.
The company has identified material weaknesses in its internal control over financial reporting, which it is working to remediate. These weaknesses include insufficient monitoring and oversight controls.
Petros' cash and cash equivalents totaled $3.7 million as of December 31, 2024, with negative working capital of $10.7 million and an accumulated deficit of $113.2 million.
The company has entered into a settlement agreement with Vivus, resulting in a promissory note of $10.2 million. As of December 31, 2024, the outstanding principal amount on the note was $7.6 million.
Petros is exploring additional financing strategies to fund its operations and has recently completed a public offering, raising approximately $9.6 million.
The company is subject to Nasdaq's continued listing requirements and is working to regain compliance with the minimum bid price requirement.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Petros Pharmaceuticals Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.